Business
PSYC Begins Business Overhaul Process with Consolidation of 10 Previously Issued Convertible Debentures
PSYC Begins Business Overhaul Process with Consolidation of 10 Previously Issued Convertible Debentures.
About this update from Psyc Corporation
[{"type":"text","content":"\n LAS VEGAS, NV, March 12, 2024 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”), announces the consolidation of 10 previously issued convertible debentures (“the Debentures”). The Debentures were executed between the Company and its long-standing investment partner, RB Capital Partners, Inc. (“RB Capital”), and were originally issued between January 2023 and October 2023. The consolidated note provides for a reduction in interest rate from its original 10% to 8% and is set at a 24-month term. Furthermore, the share price conversion rate on this newly executed consolidated note is set at a rate of $0.05. RB Capital is the Company’s largest Debenture holder, and the Company sees this consolidation as a demonstration of their continued faith and commitment to the Company’s long-term growth potential. Moreover, the Company believes this commitment comes at a pivotal juncture as it prepares for a sweeping, yet strategic, shift in management and to a new business model that incoming management perceives as being more fundamentally structured from a cash flow perspective, and one that it hopes will reinvigorate shareholder confidence and value potential in PSYC. In the days ahead, the Company anticipates the release of detailed information pertaining to its new incoming management team. Information will also be provided surrounding the Company’s transition in core business operations that it contends will be focused on the online gaming market sector. About PSYC Corporation (OTC Pink Market: PSYC) Since early 2020, PSYC Corporation (the “Company” or “PSYC”) has operated as a forward-thinking multimedia leader for progressive and emerging market sectors such as medicinal psychedelics and cannabis. The Company remains committed to identifying cutting-edge, value-driven, technologies and market sectors for the benefit of its shareholders.  Currently, the Company is meticulously exploring the viability of various business opportunities outside of multimedia and with a particular focus on opportunities that it believes will drive shareholder value.  Forward-Looking Statements Disclaimer Applicable to this Press Release and the Company’s Video: No information contained in this Press Release or the Company&...